Bibby Financial Services (BFS) has committed to increase its total funding for UK SMEs by over £290 million ($440.51 million), after refinancing with Barclays, Bank Of America Merrill Lynch, HSBC Bank PLC and Lloyds Bank.

David Postings, global chief executive for BFS, said the announcement is part of the funder’s growth strategy that will see it provide support to an increasing number of businesses in the years ahead.

Postings said: “This is a hugely positive announcement for UK PLC and the wider economy. Increasing our funding support for SMEs will create jobs and growth for businesses across the country.”

Prior to this announcement, BFS advanced in the region of £480 million ($729.11 million) to UK SMEs. The independent financier has now committed funds of £774 million ($1,175.69 million) to the sector.

To access greater funding, the business undertook a process of securitization, which involved having its debtor-book rated. Ratings agencies, DBRS and Moody’s awarded AA and Aa2 ratings, respectively, for BFS’ debtor-book, and facilitating the refinancing deal, which is the first of its kind in the UK.

Postings added: “Securitization is a huge milestone for Bibby Financial Services and one which will see us compete with banks and other independent funders on a much greater scale and level playing field. “This is just the start of our growth plan as we seek to expand our support to SMEs over the coming years.”